Officials at the Securities and Exchange Board of India SEBI have raised serious concerns about the toxic work culture under the leadership of chief Madhabi Puri Buch. In a letter addressed to the finance ministry, SEBI employees accused the leadership of using harsh language, setting unrealistic goals, micromanaging, and fostering an environment filled with fear and mistrust.
The unprecedented letter, titled “Grievances of SEBI Officers-A Call for Respect,” was sent on August 6. It highlights how harsh and unprofessional language, along with public scolding and humiliation, have become common during meetings. Employees also mentioned that their minute-by-minute activities are being closely monitored, adding pressure on their mental health and disrupting their work-life balance.
Key Issues Raised by SEBI Staff:
1. Harsh Language and Public Humiliation: The letter accuses senior management of using unprofessional language and shouting at employees during meetings. Public scolding and humiliation have reportedly become the norm, creating a hostile work environment.
2. Micromanagement: Employees claimed their movements are monitored closely, leading to a sense of constant surveillance and pressure.
3. Unrealistic Targets: SEBI staff highlighted that they are often given unrealistic work targets with frequently changing goals, making it difficult to maintain performance and morale.
4. Mental Health Impact: These practices, as described in the letter, have severely impacted employees’ mental well-being and work-life balance.
One part of the letter reads, “Employees are not robots with a knob that one can turn to increase output,” referring to the growing dissatisfaction among SEBI officers. The letter also emphasized that while the organization aims to adopt best-in-class technology, it has failed to adopt best-in-class leadership and employee management practices.
Fear of Reprisal and Low Morale
The letter mentions that many SEBI employees, including those in senior positions, are afraid to speak out due to fears of retaliation. This atmosphere of fear has reportedly taken hold over the past two to three years, creating a widening gap of mistrust between staff and management. The complaint stresses that such an environment is not sustainable and calls for an end to the aggressive leadership style.
SEBI’s Response
In response to these concerns, SEBI issued a statement acknowledging the issues raised and confirming that the format of review meetings has been adjusted to address the complaints about meetings. However, it remains unclear whether this response will be sufficient to improve the overall work culture within the organization.
Accusations of Conflict of Interest
This complaint comes amid ongoing controversy surrounding Buch’s leadership, particularly accusations of a conflict of interest related to SEBI’s investigation into the Adani Group.
The situation at SEBI underscores the importance of a positive and supportive work culture in regulatory bodies. As the SEBI staff continues to raise their concerns, the outcome of this situation could influence not only the organization’s internal culture but also its public reputation.
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